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EuroBomb: Obama Carries Wall Street’s Water to Cannes (UPDATED)

If there were ever any doubt which country is driving the worldwide austerity insanity, or if there were any remaining doubt whether President Obama is with the 1% wholeheartedly, there isn’t any longer. Following up on Timmeh G’s Wall Street Waterboy presentation, Obama himself arrives at the Cannes G20 to serve notice that the People of the World don’t matter any longer, only the banksters matter. From an interview by Amy Goodman at DemocracyNow as reported at Naked Capitalism:

MICHAEL HUDSON: [Obama]’s making the threat that Europe has to cut its own throat in order to save the United States hedge funds and banks from taking a loss on the Greek bonds that they’ve insured. One of the reasons that people have been willing to buy Greek bonds is they bought credit insurance. And the European banks, mostly—maybe not Barclays or Deutsche Bank, but most banks—are not willing to write credit insurance, because everybody at the Böckler Foundation conference here in Berlin, every single economist says there is no conceivable way in which Greece can pay its debts. But the American hedge funds and bankers have come in and said, “We’ll write a guarantee.” Then they lean on President Obama and Tim Geithner to tell the Europeans: “You have to make Greece pay, so that we win the bets that we’ve made, because if we lose the bets, then we go under and the stock market crashes, and a lot of people can’t collect on their money market funds.” So this is just naked brute force that Mr. Obama is doing. He’s basically telling Europe, “Don’t go the democratic route. Support Wall Street.”

(For those interested, this EuroBomb series of posts is intended to be read as such and I commend you to the other entries in the series. The short of the matter is that I believe that what is happening in Europe is no different from — and indeed may well be a continuation of — the 2008 Wall Street Grand Theft. As matters come more clearly into focus, we once again see Wall Street banksters at the root of the problems plaguing the nation and the world. What we are witnessing in Europe is the 1%’s desperate effort to stealthily steal public treasury money again to satisfy their greedlust. My effort in this series is to shine a light on the concrete steps Wall Street Waterboys like Geithner, Obama and the IMF are taking to effectuate the theft.)

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